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Gold price falls 50 pounds in a day
Gold prices in Egypt have decreased significantly during today's trading session, with the 21-karat gram losing about 50 Egyptian pounds, reaching its lowest level since the beginning of 2026 at approximately 5,740 pounds. Since the start of June, gold prices have fallen by more than 1,000 pounds per gram, roughly 15%, amid a decline in the global gold market and the approaching $4,000 level for the ounce, along with the US dollar reaching its highest level in a year. The local gold price is influenced by expectations of a US interest rate hike and the stability of the dollar in Egypt, leading to reduced demand and postponed purchases by investors.
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